Purchase and Substitution. (a) It is understood and agreed that the representations and warranties set forth in Section 4.01 shall survive the transfer of the Mortgage Loans by the Depositor to the Issuing Entity, the subsequent pledge thereof by the Issuing Entity to the Indenture Trustee, for the benefit of the Noteholders, and the delivery of the Notes to the Noteholders, and shall continue in full force and effect, notwithstanding any restrictive or qualified endorsement on the Mortgage Notes and notwithstanding subsequent termination of this Agreement.
(b) Upon discovery by the Depositor, the Sponsor, the Servicer, the Indenture Trustee or a Noteholder of a breach of any of the representations and warranties in Section 4.01 which materially and adversely affects the value of any Mortgage Loan, or which materially and adversely affects the interests of the Noteholders in the related Mortgage Loan, the party discovering such breach or failure shall promptly (and in any event within five (5) days of the discovery) give written notice thereof to the others. Within sixty (60) days of the earlier of its discovery or its receipt of notice of any breach of a representation or warranty, the Depositor shall, and if the Depositor fails to, then the Sponsor shall (a) promptly cure such breach in all material respects, (b) purchase such Mortgage Loan on a Servicer Remittance Date, in the manner and at the price specified in Section 2.06(b) and this Section 4.02, or (c) remove such Mortgage Loan from the Trust Estate (in which case it shall become a Deleted Mortgage Loan) and substitute one or more Qualified Substitute Mortgage Loans in the manner specified in Section 2.06 and this Section 4.02. The Indenture Trustee shall deliver prompt written notice to the Rating Agencies of any repurchase or substitution made pursuant to this Section 4.02 or Section 2.06(b).
(c) As to any Deleted Mortgage Loan for which the Depositor or the Sponsor substitutes a Qualified Substitute Mortgage Loan or Loans, the Servicer shall cause the Depositor or Sponsor to effect such substitution by delivering to the Indenture Trustee a certification, in the form attached hereto as Exhibit F, executed by a Servicing Officer, and the documents described in Sections 2.05(a)(i)-(vi) for such Qualified Substitute Mortgage Loan or Loans.
(d) The Servicer shall deposit in the Collection Account all payments received in connection with such Qualified Substitute Mortgage Loan or Loans after the date of such substitution. Mont...
Purchase and Substitution. 39 Section 3.4
Purchase and Substitution. 42 ARTICLE IV ADMINISTRATION AND SERVICING OF THE HOME LOANS
Purchase and Substitution. 14 ARTICLE V ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS.....................................................15
Purchase and Substitution. 53 Section 3.04 Representations, Warranties and Covenants of the Trustee, the Collateral Agent and the Back-up Servicer.......................................................................55 ARTICLE IV THE CERTIFICATES
Purchase and Substitution. III-20 ARTICLE IV THE CERTIFICATES
Purchase and Substitution. It is understood and agreed that the representations and warranties set forth in Sections 3.01 and 3.02 shall survive transfer of the Mortgage Loans and delivery of the Certificates hereunder. Upon discovery by any Depositor, the Servicer, any Subservicer, any Custodian, a Responsible Officer of the Trustee or the Certificate Insurer of a breach of any of such representations and warranties which materially and adversely affects the value of Mortgage Loans or the interest of the Trustee, or the Certificateholders, or which materially and adversely affects the interests of the Trustee, the Certificate Insurer, or the Certificateholders in the related Mortgage Loan in the case of a representation and warranty relating to a particular Mortgage Loan (notwithstanding that such representation and warranty was made to the Depositors' best knowledge), the party discovering such breach shall give prompt written notice to the others. Within 60 days of the earlier of its discovery or its receipt of notice of any breach of a representation or warranty, the Servicer shall (a) promptly cure, or cause the applicable Depositor or the applicable Originator to cure, such breach in all material respects, or (b) purchase, or cause the applicable Depositor or applicable Originator to purchase, such Mortgage Loan by depositing in the Principal and Interest Account, on the next succeeding Determination Date, in the manner and at the price specified in Section 2.06(b), or by causing the applicable Depositor or the applicable Originator to substitute, one or more Qualified Substitute Mortgage Loans, provided such substitution is effected not later than the date which is two years after the Closing Date. Any such substitution shall be accompanied by payment of the Substitution Adjustment, if any, to be deposited in the Principal and Interest Account. In addition, the Servicer shall notify the Custodian, the Trustee and the Insurer upon any Mortgage Loan becoming an Unpaid
Purchase and Substitution. 42 ARTICLE IV
Purchase and Substitution. (a) Upon discovery of a breach by the Transferor of a representation or warranty made by the Transferor to the Issuer with respect to the Mortgage-Backed Securities to be included in the Trust Fund, the Issuer may, within 90 days of discovery of such breach, purchase from the Trust at the applicable Purchase Price any Mortgage-Backed Security with respect to which such breach applies.
(b) The Issuer will, as soon as practicable, purchase from the Trust at the applicable Purchase Price any Mortgage-Backed Security if (i) the Issuer, a court of competent jurisdiction or a governmental agency duly authorized to oversee or regulate the Issuer’s business determines that the Issuer’s acquisition of that Mortgage-Backed Security was unauthorized; or (ii) a court or governmental agency requires purchase of that Mortgage-Backed Security from a Trust.
(c) Notwithstanding the foregoing, no Mortgage-Backed Security that is a principal only security or an interest only security may be purchased by the Issuer pursuant to Section 2.06(a).
(d) In lieu of purchasing a Mortgage-Backed Security pursuant to Section 2.06(a), the Issuer may remove such Mortgage-Backed Security from the Trust and substitute therefor one or more Mortgage-Backed Securities; provided, that such substitution will be permissible only if (i) such substitute Mortgage-Backed Securities have the agreed upon characteristics for Mortgage- Backed Securities to be included in the Trust Fund (subject to customarily permitted tolerances),
Purchase and Substitution. 22 ARTICLE IV CONDITIONS
